Viacom18 Becomes Reliance Subsidiary With Major Share Conversion

Viacom18 Media has become a direct subsidiary of Reliance Industries effective December 30, 2024. This follows the conversion of over 24.61 crore compulsorily convertible preference shares into equity shares. The move cements Reliance's 83.88% stake in Viacom18. The merger includes assets from Star India and JioCinema.

Viacom18 Media has transitioned into a direct subsidiary of Reliance Industries Ltd as of December 30, 2024. The change was effected through the conversion of over 24.61 crore compulsorily convertible preference shares into an equivalent number of equity shares. This strategic move significantly raises Reliance's stake in Viacom18 to 83.88% in equity share capital on a fully diluted basis, reinforcing its ownership and influence in the media conglomerate.

Previously, Viacom18 was a material subsidiary of Network18 Media & Investments Ltd, which is also controlled by Reliance Industries. The recent share conversion has consequently made Viacom18 a subsidiary directly under Reliance, as outlined in a regulatory filing by the latter. The shift occurred after receiving shareholder approval, enabling Reliance to consolidate its media assets further.

This development follows the completion of a major merger between Reliance's media assets and Walt Disney's India business on November 14. Together with JioCinema and Star India's media operations, the merger has valued the joint venture at over Rs 70,000 crore. The deal involved the allocation of shares to Viacom18 and Reliance as consideration for their media assets and cash contributions.

(With inputs from agencies.)